Inclusion Criteria:

          -  Ineligible for or have elected not to undergo radical cystectomy

          -  All adverse events associated with any prior surgery and/or intravesical therapy must
             have resolved to Common Terminology Criteria for Adverse Events (CTCAE) version 5.0
             Grade less than (<) 2 prior to randomization

          -  Eastern Cooperative Oncology Group (ECOG) performance status Grade 0, 1, or 2

          -  Thyroid function tests within normal range or stable on hormone supplementation per
             investigator assessment.

          -  Adequate bone marrow, liver, and renal function: Bone marrow function (without the
             support of cytokines or erythropoiesis-stimulating agent in preceding two weeks):
             Absolute neutrophil count (ANC) greater than or equal to (>=) 1,000/cubic millimeters
             (mm^3); Platelet count >=75,000/mm^3; Hemoglobin >=8.0 grams per deciliter (g/dL);
             Liver function: (Total bilirubin less than or equal to (<=) 1.5 * upper limit of
             normal (ULN) or direct bilirubin <= ULN for participants with total bilirubin levels
             greater than (>)1.5*ULN (except participants with Gilbert's Syndrome, who must have a
             total bilirubin < 3.0 mg/dL), and Alanine aminotransferase (ALT) and aspartate
             aminotransferase (AST) less than or equal to (<=) 2.5* institutional ULN); Renal
             function: Creatinine clearance >40 mL/min either directly measured via 24-hour urine
             collection, calculation using the Cockcroft-Gault formula, or calculation for the
             modification of diet in renal disease for adult participants

        Exclusion Criteria:

          -  Must not have had urothelial carcinoma or histological variant at any site outside of
             the urinary bladder. Ta/T1/Carcinoma in situ (CIS) of the upper urinary tract
             (including renal pelvis and ureter) is allowable if treated with complete
             nephrouretrectomy within 24 months

          -  Must not have diffuse CIS based on cystoscopy and biopsy. Diffuse, or multi-focal, CIS
             is defined as the presence of at least 4 distinct CIS lesions in the bladder at the
             time of the Screening re-TURBT

          -  Participants must not have evidence of cT4b, or N1-3, or M1 disease based on local
             radiology staging (chest, abdomen, and pelvis must be performed using Computed
             tomography [CT] or Magnetic resonance imaging [MRI]) within 42 days prior to
             randomization

          -  Presence of any bladder or urethral anatomic feature that, in the opinion of the
             investigator, may prevent the safe placement, indwelling use, or removal of TAR 200

          -  Evidence of bladder perforation during diagnostic cystoscopy